(Solved) Recall the Application about how to measure the long-run fiscal imbalances in the United States to ...

Recall the Application about how to measure the long-run fiscal imbalances in the United States to answer the following question(s). Even though federal budget-deficit projections have increased in recent years, they still do not accurately portray the long-run fiscal problems facing the United States. As the population ages, life expectancies increase, and health-care costs continue to grow, expenditures on Social Security and Medicare are expected to increase significantly, too. Economists Jagadeesh Gokhale and Kent Smetters have developed a comprehensive measure of the nation's indebtedness that they call the "fiscal imbalance."

According to this Application, the "fiscal imbalance" measures a nation's indebtedness by estimating the gap between the

▸ money supply and money demand and adding it to the current national debt.

▸ government's revenues and expenditures and adding it to the current national debt.

▸ government's revenues and expenditures and subtracting it from the current national debt.

▸ money supply and money demand and subtracting it from the current national debt.

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Recall the Application about how to measure the long-run fiscal imbalances in the United States to ...

Macroeconomics: Principles, Applications and Tools

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